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  #1121  
Old Posted Apr 13, 2019, 3:36 AM
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Originally Posted by pianowizard View Post
I had not been following this thread but became much more interested after spending last weekend in Chicago. In fact I walked by a big sign advertising 1000M that said: "EXTRAORDINARY MICHIGAN AVENUE CONDOMINIUM RESIDENCES...Please visit our Sales Gallery at 1006 South Michigan Avenue..." I had been disappointed that all the recently completed tall residential buildings in Chicago only had apartments for rent, so I was rather excited by this condo building. (Yes, I do fancy owning a condo in Chicago someday.)



I too think it doesn't look bad, but more importantly, having a building -- pretty much any building -- this tall in this neighborhood would benefit the skyline a great deal.



I would actually like the relative peace and quiet.



Hopefully there will soon be a residential skyscraper in this area with condos below half a million dollars. That should attract more people to move there.
Condos at that price point haven't seemed to be within any developer's mind this entire cycle(for a skyscraper anyhow). Apartments are just the go to for anyone not making the proverbial "f-you money".

I'd love to see it, but highly doubt it will for a long long time
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  #1122  
Old Posted Apr 13, 2019, 4:32 AM
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Originally Posted by pianowizard View Post
Hopefully there will soon be a residential skyscraper in this area with condos below half a million dollars. That should attract more people to move there.
You realize there are already nearly 50 such buildings in that area? Some, like mine, offer spectacular skyline views for around $300/sq ft.
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  #1123  
Old Posted Apr 13, 2019, 2:24 PM
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You realize there are already nearly 50 such buildings in that area? Some, like mine, offer spectacular skyline views for around $300/sq ft.
Well, I was thinking about new, very tall condo skyscrapers comparable to NEMA and 1000M, because part of the discussion was about skyline-changing residential buildings to be built in the near future. But you're right, if I don't mind older and shorter condo buildings that are nonetheless tall enough to offer good views, there are already a fair number in the area. $300/sq ft is a steal.

I just did a quick search for condo listings and was surprised to find one from 1000M of a 454 sq ft unit with 1 bedroom and 1 bathroom, for $410,000! And the monthly HOA fee is $199, which is actually a little less than what I currently pay for a very basic, ground-floor condo built in the 1960s (though it's 850 sq ft). At $903/sq ft it's far from a bargain, but I was pleasantly surprised that 1000M isn't just selling million-dollar condos.
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  #1124  
Old Posted Apr 14, 2019, 12:48 AM
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When I walked by today I noticed that they changed their sign to be more playful less elegant.

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  #1125  
Old Posted Apr 14, 2019, 2:37 AM
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Originally Posted by SIGSEGV View Post
When I walked by today I noticed that they changed their sign to be more playful less elegant.

I belive they lowered the prices on some units though could just be the international collection thing... They should go dual condos and apartments that'll get this thing goin sooner than later for sure
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  #1126  
Old Posted Apr 14, 2019, 8:04 PM
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Any pre-sales for this development. IDK if Chicago follows the way of Miami in the sense of pre-sales prior to shovels on the ground?

Given the influx of high unit developments, its a good sign of confidence in the market.
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  #1127  
Old Posted Apr 14, 2019, 8:48 PM
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Any pre-sales for this development. IDK if Chicago follows the way of Miami in the sense of pre-sales prior to shovels on the ground?

Given the influx of high unit developments, its a good sign of confidence in the market.
This topic has been discussed ad nauseum throughout the thread for months. They are aiming for a certain number of presales and securing finances before starting construction.
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  #1128  
Old Posted Apr 14, 2019, 11:56 PM
Goose Island Guru Goose Island Guru is offline
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Originally Posted by chris08876 View Post
Any pre-sales for this development. IDK if Chicago follows the way of Miami in the sense of pre-sales prior to shovels on the ground?

Given the influx of high unit developments, its a good sign of confidence in the market.
Pre-sales are much less of a market-based issue as you ask the question. The pre-sale requirements come not from the local market, but from the developer’s lender and equity groups. Pre-sale requirements may vary by market but they exist because nobody wants to throw money at a project that isn’t able to prove ot can sell once on the market.

The thought is once you hit a certain level of pre-sales the momentum will carry you after construction starts. You get a lot more hits for sales on a building being built than one being proposed.
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  #1129  
Old Posted Apr 15, 2019, 12:02 AM
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The facebook page for this building has a ton of followers so I mean it hopefully is doing well. Maybe this will be a silent starter for us someday this year.
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  #1130  
Old Posted Apr 15, 2019, 3:19 AM
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Originally Posted by Hourstrooper View Post
The facebook page for this building has a ton of followers so I mean it hopefully is doing well. Maybe this will be a silent starter for us someday this year.
I mean, you can pay like 100 bucks for a thousand followers via South Asian facebook farms, so they probably just did that
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  #1131  
Old Posted Apr 15, 2019, 1:14 PM
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Originally Posted by chris08876 View Post
Any pre-sales for this development.
Just two posts above yours, I wrote "I just did a quick search for condo listings and was surprised to find one from 1000M of a 454 sq ft unit with 1 bedroom and 1 bathroom, for $410,000! And the monthly HOA fee is $199".
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  #1132  
Old Posted Apr 15, 2019, 3:28 PM
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Originally Posted by BonoboZill4 View Post
I mean, you can pay like 100 bucks for a thousand followers via South Asian facebook farms, so they probably just did that
Could be but I think that the lowering of the condo prices in the tower may have something to do but who knows
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  #1133  
Old Posted Apr 17, 2019, 7:08 PM
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So if I remember correctly the reason for the redesign was the local community org wanting to preserve a completely flat street wall along S Michigan?

On apartments vs condos the fundamental problem all cycle has been simple math. Apartments renting at $3.5/ft (so $2,450 for a 700 sf 1 BR). Say get bottom line NOI of $2.2/sf. Apartment cap rates for prime locations can get as low as 4.5% or 4.75%. So we are talking about apartment projects exiting at $400k to $450k per 1 bedroom apartment.

As a condo those same units would probably require far higher quality finishes and you'd be stuck dealing with all the liability and potential lawsuits along with a harder process to get financing.

It'll be interesting to see what happens with Fritz and the news in Evanston. If apartment property taxes skyrocket it'll significantly push up the OPEX on apartment projects. People are kidding themselves if they think it'll all be passed through to the tenants. More likely, apartments just wont be worth as much anymore and suddenly it'll be easier to build condos in that $400-$500k range as the apartment values will decline.
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  #1134  
Old Posted Apr 17, 2019, 10:09 PM
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Originally Posted by Suiram View Post
So if I remember correctly the reason for the redesign was the local community org wanting to preserve a completely flat street wall along S Michigan?
No. The project had been redesigned by the time it went to Landmarks, long before any "local community org" ever got to see it. I think we heard that the developer felt the original design was too avant-garde.
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  #1135  
Old Posted Apr 17, 2019, 11:20 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by Suiram View Post
It'll be interesting to see what happens with Fritz and the news in Evanston. If apartment property taxes skyrocket it'll significantly push up the OPEX on apartment projects. People are kidding themselves if they think it'll all be passed through to the tenants. More likely, apartments just wont be worth as much anymore and suddenly it'll be easier to build condos in that $400-$500k range as the apartment values will decline.
No, it will be passed through, it is always passed through. You even named the mechanism through which it will be passed through. Developers will simply build fewer apartments causing rents to soar. They might build more condos, but given the debt burden most Millenials and Gen X'ers have that's not going to help much.

At the end of the day there simply is no "I'd like to have my cake and eat it to", it doesn't work that way. If Chicago becomes a more expensive place to own property then it becomes a more expensive place to live. If condos have other hidden costs like lawsuits or higher end finishes like you mention and we start building more condos because apartments become less profitable. Then housing costs rise because the housing costs more to build. There is no "now we are going to legislate cheaper housing" or "now we are going to pass the tax to end the entire pension crisis". You can't just legislate money or assets into existence.
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  #1136  
Old Posted Apr 17, 2019, 11:36 PM
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Quote:
Originally Posted by Suiram View Post
So if I remember correctly the reason for the redesign was the local community org wanting to preserve a completely flat street wall along S Michigan?

On apartments vs condos the fundamental problem all cycle has been simple math. Apartments renting at $3.5/ft (so $2,450 for a 700 sf 1 BR). Say get bottom line NOI of $2.2/sf. Apartment cap rates for prime locations can get as low as 4.5% or 4.75%. So we are talking about apartment projects exiting at $400k to $450k per 1 bedroom apartment.

As a condo those same units would probably require far higher quality finishes and you'd be stuck dealing with all the liability and potential lawsuits along with a harder process to get financing.

It'll be interesting to see what happens with Fritz and the news in Evanston. If apartment property taxes skyrocket it'll significantly push up the OPEX on apartment projects. People are kidding themselves if they think it'll all be passed through to the tenants. More likely, apartments just wont be worth as much anymore and suddenly it'll be easier to build condos in that $400-$500k range as the apartment values will decline.
Well granted he doesn't even start looking at the city until 2021 we have a while before anything like that occurs. but yes a luxury condo boom will follow if he jacks up prices like that
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  #1137  
Old Posted Apr 18, 2019, 12:58 AM
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Originally Posted by LouisVanDerWright View Post
No, it will be passed through, it is always passed through. You even named the mechanism through which it will be passed through. Developers will simply build fewer apartments causing rents to soar. They might build more condos, but given the debt burden most Millenials and Gen X'ers have that's not going to help much.

At the end of the day there simply is no "I'd like to have my cake and eat it to", it doesn't work that way. If Chicago becomes a more expensive place to own property then it becomes a more expensive place to live. If condos have other hidden costs like lawsuits or higher end finishes like you mention and we start building more condos because apartments become less profitable. Then housing costs rise because the housing costs more to build. There is no "now we are going to legislate cheaper housing" or "now we are going to pass the tax to end the entire pension crisis". You can't just legislate money or assets into existence.
This.

One hundred percent
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  #1138  
Old Posted Apr 27, 2019, 12:10 AM
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Apparently according to facebook 1000m page somebody just bought a penthouse level unit they put a picture of the person whom is a dr on facebook
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  #1139  
Old Posted Apr 27, 2019, 2:51 AM
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Apparently according to facebook 1000m page somebody just bought a penthouse level unit they put a picture of the person whom is a dr on facebook
I wonder if this makes it a strong possibility of this building happening
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  #1140  
Old Posted Apr 27, 2019, 3:29 AM
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